Tax Increase in the UK: Stock Market Boom Gets a Dampener

The British gambling industry experienced a sudden setback on Monday, triggered by reports of potential tax increases attributed to UK Finance Minister Rachel Reeves. According to sources, the tax increase could burden the industry with up to £3 billion. This led to a significant loss in the value of the shares of affected companies. For example, Entain, the owner of Ladbrokes, lost up to 15 percent of its market value. The Rank Group, operator of Grosvenor Casinos, also recorded a decline of almost 7 percent. Evoke, owner of the William Hill betting brand, was hit particularly hard, with its shares falling by up to 16 percent. Flutter Entertainment, listed in New York, was not spared and dropped by 8.8 percent in late Friday trading. Market participants promptly reacted to the report by The Guardian newspaper, which set the speculation about the tax policy plans in motion.